Sherwin-Williams Declares Dividend; Approves Majority Voting Proposal to Shareholders
CLEVELAND, OHIO, October 18, 2012 – The Board of Directors of The Sherwin-Williams Company (NYSE: SHW) today announced a regular quarterly dividend of $0.39 per common share, payable on November 30, 2012, to shareholders of record on November 16, 2012.
In addition, the Board of Directors voted today to submit a proposal to shareholders to adopt a majority voting standard for the election of directors at Sherwin-Williams’ 2013 Annual Meeting of Shareholders.Shareholders will be asked to vote on an amendment to Sherwin-Williams’ Amended Articles of Incorporation that would implement a majority voting standard for uncontested elections of directors in place of plurality voting. A plurality voting standard would continue to apply in contested elections of directors.
If Sherwin-Williams’ shareholders approve the proposal, the Board would also amend its Corporate Governance Guidelines to conform its director resignation policy to the majority voting standard so that a holdover incumbent director who did not receive the requisite majority vote would be required to tender his or her resignation to the Board.